In the original analysis I assumed we were going to get a deeper retrace on our B wave, but after this recent high was taken on Bitcoin, it's hinting that the B wave is at an end and we can finally continue up to our C wave. I'm long due to the high being taken out, and an H4 breaker will confirm at the red zone once it hits 4am. I am now long after taking a small loss on my short from the other day. Original post in the related idea link.
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Would like to see inverse Head and Shoulders form here. Target 1 would be 9k, 2 would be 9.5k.
Would like to see inverse Head and Shoulders form here. Target 1 would be 9k, 2 would be 9.5k.
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Bitcoin looking good. Just needs to close above 6991 on the daily candle to stay bullish.
I see a heavy short squeeze coming as many saw the head and shoulder pattern. Well I can say that once a short term high is created after rejected the neckline of a head and shoulders, it's very like for the price to reverse. A lot of people were expecting a deep retrace, which give this even more influence to continue up higher and reverse. Often after an ascending triangle is formed, Bitcoin will find support near a parallel line from the top trend line of that triangle to the base of its wave 2. I'm expecting the gap in the next diagram to fill.